Industrial Bank ties up to expand gold trading
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Fujian Province-based Industrial Bank yesterday teamed up with seven non-banking members of the Shanghai Gold Exchange to expand individual gold trading services, marking the start of a strategic cooperation between the parties.
The non-finance members of the gold exchange are required to transfer their forward gold trading activities to the banks within this year.
The Shanghai exchange, the sole bourse for gold and platinum trading in China, is asking its non-banking members to team up with lenders to broaden individual gold trading services. The banks offer individual gold trading services while the non-banking companies such as miners can help introduce clients to the banks, which have expertise in individual trading.
Wang Zhe, the bourse's general manager, said commercial banks have been pushing gold trading strongly.
